Business

Titan to add over 200 stores this fiscal

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Titan Company Ltd seeks to continue its aggressive retail expansion during this fiscal, while it plans to actively participate and capture the potential of e-commence boom.

The Rs.11,937 crore company has chalked out plans to add 105 stores in watches and accessories, 33 stores in jewellery and 81 stores in eyewear during this fiscal, pointed out company’s latest annual report.

The company management believes that the watches and accessories division with its portfolio of brands and businesses is much stronger today as a result of its recent initiatives and made it ‘future ready’ for a five year plan that it views with optimism.

With net addition of 123 stories in the previous fiscal, the company, as of March 31, 2015, had 1201 stores, with over 1.59 million square feet of retail space delivering a retail turnover of just Rs.12,000 crore.

Commenting on the emerging trend of wearable devices, the world’s 5th largest watch maker said: “the launch of the smart watch by Apple and other global technology majors could lead to a convergence of watches and wearable wrist devices. While we are evaluating impact this may have on watches especially as fashion and lifestyle devices, we have entered into partnership with a few technology majors to add greater functionality to our products relevant to Indian consumers.

Titan also noted that e-commerce grew substantially last year backed by an almost endless amount of foreign capital. So, the emergence of e-commerce retailers and the increasing propensity to buy online has already made this channel a focus area.

“The company is seeing e-commence both as an opportunity for its brands to tap a new channel and a potential disruption to the exclusive brick and mortar retail stores,” it added.

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Printable version | Dec 14, 2019 7:40:20 AM | https://www.thehindu.com/business/titan-to-add-over-200-stores-this-fiscal/article7438428.ece

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